What is estimate

Question

What is estimate

Accepted Answer

An estimate is a calculated approximation of the cost, time, or quantity of a project or task.

An estimate is used to determine the approximate cost, duration, or quantity of materials required for a project.
It is based on available information, historical data, and expert judgment.
Estimates are essential for budgeting, planning, and decision-making in construction projects.
Estimates can be prepared for various aspects such as construction costs, labor hours, material quantities, and project timelines.
Estimates can be prepared using different methods like parametric estimation, analogous estimation, and three-point estimation.
For example, a civil engineer may estimate the cost of constructing a bridge based on the length, width, materials, labor rates, and other factors.
Estimates may need to be revised as more accurate information becomes available during the project.

Accepted Answer

Estimates is calculation of required material, manpower and it's costing

Accepted Answer

Estimate is probable cost of building or project

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